Agilysys Net Worth
Agilysys Net Worth Breakdown | AGYS |
Agilysys Net Worth Analysis
Agilysys' net worth analysis, or its valuation, is the process of determining the total value of the company. This involves assessing a range of factors, including Agilysys' financial performance, assets, liabilities, and potential for growth. The ultimate goal is to provide a clear understanding of Agilysys' overall worth, which can help investors make informed investment decisions. There are several methods that can be used to perform Agilysys' net worth analysis. One common approach is to calculate Agilysys' market capitalization.Another approach is to use the price-to-earnings ratio (P/E ratio), which compares Agilysys' stock price to its earnings per share (EPS). Discounted cash flow (DCF) analysis is another popular method for assessing Agilysys' net worth. This approach calculates the present value of Agilysys' future cash flows, taking into account factors such as growth rate, profitability, and risk. By comparing the present value of Agilysys' cash flows to its current stock price, investors can gain a better understanding of the company's overall value. Finally, investors may use comparable company analysis to evaluate Agilysys' net worth. This involves comparing Agilysys' financial metrics to similar companies in the same industry. By identifying companies with similar financial characteristics, investors can gain insight into Agilysys' net worth relative to its peers.
Enterprise Value |
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To determine if Agilysys is a good investment, evaluating the company's potential for future growth is also very important. This may include expanding into new markets, launching new products or services, or improving operational efficiency. Companies with strong growth prospects can be more attractive investments. This aspect of the research should be conducted in the context of the overall market and industry in which the company operates and should include an analysis of growth potential, competitive landscape, and any regulatory or economic factors that could impact the business. Some of the essential points regarding Agilysys' net worth research are outlined below:
Agilysys appears to be risky and price may revert if volatility continues | |
Agilysys is unlikely to experience financial distress in the next 2 years | |
Agilysys has a strong financial position based on the latest SEC filings | |
Over 95.0% of the company shares are held by institutions such as insurance companies | |
Latest headline from benzinga.com: Agilysys Stock Tumbles On Q1 Earnings |
Agilysys Quarterly Good Will |
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Agilysys uses earnings reports to provide investors with an update of all three financial statements, including the income statement, the balance sheet, and the cash flow statement. Therefore, it is also crucial when considering investing in Agilysys. Every quarterly earnings report provides investors with an overview of sales, expenses, and net income for the most recent period. It also may provide a comparison to Agilysys' previous reporting period. The quarterly earnings reports are usually disseminated to the public via Form 10-Q, which is a legal document filed with the Securities and Exchange Commission every quarter.
21st of May 2024 Upcoming Quarterly Report | View | |
22nd of July 2024 Next Financial Report | View | |
31st of March 2024 Next Fiscal Quarter End | View | |
21st of May 2024 Next Fiscal Year End | View | |
31st of December 2023 Last Quarter Report | View | |
31st of March 2023 Last Financial Announcement | View |
Agilysys Target Price Consensus
Agilysys target price is determined by taking all analyst projections and averaging them out. There is no one specific way to measure analysts' performance other than comparing it to past results via a very sophisticated attribution analysis. Agilysys' target price projections below should be used in combination with other traditional price prediction techniques such as stock price forecasting, investor sentiment analysis, technical analysis, earnings estimate, and various momentum models.
5 | Strong Buy |
Most Agilysys analysts issue ratings four times a year, at intervals of three months. Ratings are usually accompanied by a target price to help potential investors understand Agilysys stock's fair price compared to its market value. Analysts arrive at stock ratings after researching the public financial statements of Agilysys, talking to its executives and customers, or listening to those companies' conference calls.
Macroaxis Advice Exposure ValuationAgilysys Target Price Projection
Agilysys' current and average target prices are 111.88 and 151.50, respectively. The current price of Agilysys is the price at which Agilysys is currently trading. On the other hand, Agilysys' target price is what analysts think the stock is worth or could sell for in the future. The more significant the discrepancy between the two prices, the more it stimulates investors to act.Current Price
Agilysys Market Quote on 23rd of July 2025
Target Price
Analyst Consensus On Agilysys Target Price
Know Agilysys' Top Institutional Investors
Have you ever been surprised when a price of an equity instrument such as Agilysys is soaring high without any particular reason? This is usually happening because many institutional investors are aggressively trading Agilysys backward and forwards among themselves. Agilysys' institutional investor refers to the entity that pools money to purchase Agilysys' securities or originate loans. Institutional investors include commercial and private banks, credit unions, insurance companies, pension funds, hedge funds, endowments, and mutual funds. Operating companies that invest excess capital in these types of assets may also be included in the term and may influence corporate governance by exercising voting rights in their investments.
Shares | Artisan Partners Limited Partnership | 2025-03-31 | 576.5 K | Geode Capital Management, Llc | 2025-03-31 | 562.6 K | Ing Investment Management Llc | 2025-03-31 | 453.3 K | American Century Companies Inc | 2025-03-31 | 452.5 K | Jpmorgan Chase & Co | 2025-03-31 | 444.8 K | Rockefeller Capital Management L.p. | 2025-03-31 | 426.1 K | Amvescap Plc. | 2025-03-31 | 425.6 K | Northern Trust Corp | 2025-03-31 | 421.8 K | Principal Financial Group Inc | 2025-03-31 | 413 K | Blackrock Inc | 2025-03-31 | 3.5 M | Vanguard Group Inc | 2025-03-31 | 2.2 M |
Follow Agilysys' market capitalization trends
The company currently falls under 'Mid-Cap' category with a current market capitalization of 3.12 B.Market Cap |
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Project Agilysys' profitablity
Last Reported | Projected for Next Year | ||
Return On Tangible Assets | 0.10 | 0.10 | |
Return On Capital Employed | 0.07 | 0.07 | |
Return On Assets | 0.05 | 0.06 | |
Return On Equity | 0.09 | 0.09 |
When accessing Agilysys' net worth, it's important to look at multiple sources and consider different scenarios. For example, gross profit margin measures Agilysys' profitability after accounting for the cost of goods sold, while net profit margin measures profitability after accounting for all expenses. Other important metrics include return on assets, return on equity, and free cash flow. By reviewing multiple sources and metrics, you can gain a complete picture of Agilysys' profitability and make more informed investment decisions.
Please note, the imprecision that can be found in Agilysys' accounting process means that the reasonable investor should take a skeptical approach toward the financial statement analysis of Agilysys. Check Agilysys' Beneish M Score to see the likelihood of Agilysys' management manipulating its earnings.
Evaluate Agilysys' management efficiency
Agilysys has return on total asset (ROA) of 0.0401 % which means that it generated a profit of $0.0401 on every $100 spent on assets. This is way below average. Similarly, it shows a return on stockholder's equity (ROE) of 0.0925 %, meaning that it created $0.0925 on every $100 dollars invested by stockholders. Agilysys' management efficiency ratios could be used to measure how well Agilysys manages its routine affairs as well as how well it operates its assets and liabilities. Return On Tangible Assets is likely to gain to 0.10 in 2025. Return On Capital Employed is likely to gain to 0.07 in 2025. At this time, Agilysys' Non Current Assets Total are comparatively stable compared to the past year. Non Currrent Assets Other is likely to gain to about 114.9 M in 2025, whereas Other Current Assets are likely to drop slightly above 10 M in 2025.Last Reported | Projected for Next Year | ||
Book Value Per Share | 9.66 | 5.98 | |
Tangible Book Value Per Share | 2.34 | 2.22 | |
Enterprise Value Over EBITDA | 56.03 | 58.83 | |
Price Book Value Ratio | 7.51 | 7.88 | |
Enterprise Value Multiple | 56.03 | 58.83 | |
Price Fair Value | 7.51 | 7.88 | |
Enterprise Value | 1.8 B | 1.9 B |
The strategic vision of Agilysys management plays a critical role in its financial performance. By evaluating this vision, we provide insights into the stock's growth potential.
Enterprise Value Revenue 10.7407 | Revenue | Quarterly Revenue Growth 0.194 | Revenue Per Share | Return On Equity |
Some recent studies suggest that insider trading raises the cost of capital for securities issuers and decreases overall economic growth. Trading by specific Agilysys insiders, such as employees or executives, is commonly permitted as long as it does not rely on Agilysys' material information that is not in the public domain. Local jurisdictions usually require such trading to be reported in order to monitor insider transactions. In many U.S. states, trading conducted by corporate officers, key employees, directors, or significant shareholders must be reported to the regulator or publicly disclosed, usually within a few business days of the trade. In these cases Agilysys insiders are required to file a Form 4 with the U.S. Securities and Exchange Commission (SEC) when buying or selling shares of their own companies.
Agilysys Corporate Filings
8K | 21st of July 2025 Report filed with the SEC to announce major events that shareholders should know about | ViewVerify |
18th of July 2025 Other Reports | ViewVerify | |
F4 | 3rd of July 2025 The report filed by a party regarding the acquisition or disposition of a company's common stock, as well as derivative securities such as options, warrants, and convertible securities | ViewVerify |
10K | 23rd of May 2025 Annual report required by the U.S. Securities and Exchange Commission (SEC) of a company financial performance | ViewVerify |
Agilysys Earnings Estimation Breakdown
The calculation of Agilysys' earning per share is based on the data from the past 12 consecutive months, used for reporting the company's financial figures. The next projected EPS of Agilysys is estimated to be 0.44 with the future projection ranging from a low of 0.41 to a high of 0.48. Please be aware that this consensus of annual earnings estimates for Agilysys is based on EPS before non-recurring items and includes expenses related to employee stock options.Last Reported EPS
0.41 Lowest | Expected EPS | 0.48 Highest |
Agilysys Earnings Projection Consensus
Suppose the current estimates of Agilysys' value are higher than the current market price of the Agilysys stock. In this case, investors may conclude that Agilysys is overpriced and will exhibit bullish sentiment. On the other hand, if the present value is lower than the stock price, analysts may conclude that the market undervalues the equity. These scenarios may suggest that the market is not as efficient as it should be at the estimation time, and Agilysys' stock will quickly adjusts to the new information provided by the consensus estimate.
Number of Analysts | Historical Accuracy | Last Reported EPS | Estimated EPS for 31st of December 2025 | Current EPS (TTM) | |
6 | 77.67% | 0.0 | 0.44 | 0.49 |
Agilysys Earnings per Share Projection vs Actual
Actual Earning per Share of Agilysys refers to what the company shows during its earnings calls or quarterly reports. The Expected EPS is what analysts covering Agilysys predict the company's earnings will be in the future. The higher the earnings per share of Agilysys, the better is its profitability. While calculating the Earning per Share, we use the weighted ratio, as the number of shares outstanding can change over time.Agilysys Estimated Months Earnings per Share
For an investor who is primarily interested in generating an income out of investing in entities such as Agilysys, the EPS ratio can tell if the company is intending to increase its current dividend. Although EPS is an essential tool for investors, it should not be used in isolation. EPS of Agilysys should always be considered in relation to other companies to make a more educated investment decision.Agilysys Quarterly Analyst Estimates and Surprise Metrics
Earnings surprises can significantly impact Agilysys' stock price both in the short term and over time. Negative earnings surprises usually result in a price decline. However, it has been seen that positive earnings surprises lead to an immediate rise in a stock's price and a gradual increase over time. This is why we often hear news about some companies beating earning projections. Financial analysts spend a large amount of time predicting earnings per share (EPS) along with other important future indicators. Many analysts use forecasting models, management guidance, and additional fundamental information to derive an EPS estimate.
Reported | Fiscal Date | Estimated EPS | Reported EPS | Surprise | |||
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null | null | null | null | null | 0 | ||
2025-07-21 | 2025-06-30 | 0.3617 | 0.33 | -0.0317 | 8 | ||
2025-05-12 | 2025-03-31 | 0.286 | 0.54 | 0.254 | 88 | ||
2025-01-20 | 2024-12-31 | 0.33 | 0.38 | 0.05 | 15 | ||
2024-10-21 | 2024-09-30 | 0.3 | 0.35 | 0.05 | 16 | ||
2024-07-22 | 2024-06-30 | 0.26 | 0.3 | 0.04 | 15 | ||
2024-05-13 | 2024-03-31 | 0.28 | 0.32 | 0.04 | 14 | ||
2024-01-22 | 2023-12-31 | 0.26 | 0.35 | 0.09 | 34 | ||
2023-10-23 | 2023-09-30 | 0.19 | 0.25 | 0.06 | 31 | ||
2023-07-24 | 2023-06-30 | 0.14 | 0.18 | 0.04 | 28 | ||
2023-05-16 | 2023-03-31 | 0.22 | 0.26 | 0.04 | 18 | ||
2023-01-24 | 2022-12-31 | 0.21 | 0.26 | 0.05 | 23 | ||
2022-10-25 | 2022-09-30 | 0.18 | 0.24 | 0.06 | 33 | ||
2022-07-26 | 2022-06-30 | 0.18 | 0.21 | 0.03 | 16 | ||
2022-05-17 | 2022-03-31 | 0.17 | 0.24 | 0.07 | 41 | ||
2022-01-25 | 2021-12-31 | 0.15 | 0.19 | 0.04 | 26 | ||
2021-10-26 | 2021-09-30 | 0.19 | 0.18 | -0.01 | 5 | ||
2021-07-27 | 2021-06-30 | 0.17 | 0.21 | 0.04 | 23 | ||
2021-05-18 | 2021-03-31 | 0.16 | 0.21 | 0.05 | 31 | ||
2021-01-26 | 2020-12-31 | 0.2 | 0.23 | 0.03 | 15 | ||
2020-10-27 | 2020-09-30 | 0.12 | 0.29 | 0.17 | 141 | ||
2020-07-28 | 2020-06-30 | -0.02 | 0.08 | 0.1 | 500 | ||
2020-05-21 | 2020-03-31 | -0.02 | 0.05 | 0.07 | 350 | ||
2020-01-28 | 2019-12-31 | -0.07 | 0.05 | 0.12 | 171 | ||
2019-10-24 | 2019-09-30 | -0.04 | 0.04 | 0.08 | 200 | ||
2019-07-25 | 2019-06-30 | -0.08 | 0.08 | 0.16 | 200 | ||
2019-05-16 | 2019-03-31 | -0.09 | -0.09 | 0.0 | 0 | ||
2019-01-24 | 2018-12-31 | -0.1 | -0.11 | -0.01 | 10 | ||
2018-10-25 | 2018-09-30 | -0.11 | -0.09 | 0.02 | 18 | ||
2018-08-01 | 2018-06-30 | -0.12 | -0.03 | 0.09 | 75 | ||
2018-05-24 | 2018-03-31 | -0.06 | -0.01 | 0.05 | 83 | ||
2018-01-25 | 2017-12-31 | -0.09 | -0.06 | 0.03 | 33 | ||
2017-11-01 | 2017-09-30 | -0.13 | -0.1 | 0.03 | 23 | ||
2017-08-03 | 2017-06-30 | -0.15 | -0.13 | 0.02 | 13 | ||
2017-06-01 | 2017-03-31 | -0.11 | -0.23 | -0.12 | 109 | ||
2017-02-09 | 2016-12-31 | -0.12 | -0.01 | 0.11 | 91 | ||
2016-11-09 | 2016-09-30 | -0.06 | -0.11 | -0.05 | 83 | ||
2016-08-03 | 2016-06-30 | -0.07 | -0.1 | -0.03 | 42 | ||
2016-06-09 | 2016-03-31 | -0.07 | -0.09 | -0.02 | 28 | ||
2016-02-03 | 2015-12-31 | -0.09 | -0.06 | 0.03 | 33 | ||
2015-11-04 | 2015-09-30 | -0.06 | -0.03 | 0.03 | 50 | ||
2015-08-05 | 2015-06-30 | -0.04 | 0.02 | 0.06 | 150 | ||
2015-05-28 | 2015-03-31 | -0.04 | -0.07 | -0.03 | 75 | ||
2015-02-04 | 2014-12-31 | 0.03 | -0.06 | -0.09 | 300 | ||
2014-11-05 | 2014-09-30 | 0.01 | 0.03 | 0.02 | 200 | ||
2014-08-07 | 2014-06-30 | 0.03 | -0.02 | -0.05 | 166 | ||
2014-05-14 | 2014-03-31 | -0.01 | 0.06 | 0.07 | 700 | ||
2014-01-30 | 2013-12-31 | 0.01 | 0.01 | 0.0 | 0 | ||
2013-11-07 | 2013-09-30 | 0.01 | 0.03 | 0.02 | 200 | ||
2013-06-12 | 2013-03-31 | 0.06 | 0.15 | 0.09 | 150 | ||
2013-01-31 | 2012-12-31 | 0.05 | 0.08 | 0.03 | 60 | ||
2012-10-25 | 2012-09-30 | 0.05 | 0.06 | 0.01 | 20 | ||
2012-07-26 | 2012-06-30 | -0.06 | -0.06 | 0.0 | 0 | ||
2012-06-07 | 2012-03-31 | -0.05 | -0.39 | -0.34 | 680 | ||
2012-02-09 | 2011-12-31 | -0.06 | -0.26 | -0.2 | 333 | ||
2011-11-09 | 2011-09-30 | -0.09 | -0.14 | -0.05 | 55 | ||
2011-08-09 | 2011-06-30 | -0.16 | -0.21 | -0.05 | 31 | ||
2011-06-14 | 2011-03-31 | -0.27 | -1.97 | -1.7 | 629 | ||
2011-02-02 | 2010-12-31 | 0.22 | 0.08 | -0.14 | 63 | ||
2010-11-04 | 2010-09-30 | -0.06 | -0.1 | -0.04 | 66 | ||
2010-08-04 | 2010-06-30 | -0.16 | -0.45 | -0.29 | 181 | ||
2010-06-03 | 2010-03-31 | -0.1 | -0.02 | 0.08 | 80 | ||
2010-02-03 | 2009-12-31 | 0.33 | 0.64 | 0.31 | 93 | ||
2009-11-04 | 2009-09-30 | -0.18 | 0.12 | 0.3 | 166 | ||
2009-08-05 | 2009-06-30 | -0.25 | -0.55 | -0.3 | 120 | ||
2009-06-05 | 2009-03-31 | 0.01 | -0.36 | -0.37 | 3700 | ||
2009-02-09 | 2008-12-31 | -0.02 | 0.26 | 0.28 | 1400 | ||
2008-11-20 | 2008-09-30 | -0.13 | -0.12 | 0.01 | 7 | ||
2008-08-07 | 2008-06-30 | -0.12 | -0.83 | -0.71 | 591 | ||
2008-02-01 | 2007-12-31 | 0.2 | 0.04 | -0.16 | 80 | ||
2007-11-01 | 2007-09-30 | 0.1 | 0.04 | -0.06 | 60 | ||
2007-08-02 | 2007-06-30 | 0.08 | 0.08 | 0.0 | 0 | ||
2007-05-25 | 2007-03-31 | 0.24 | -0.26 | -0.5 | 208 | ||
2007-02-05 | 2006-12-31 | 0.55 | 0.64 | 0.09 | 16 | ||
2006-11-06 | 2006-09-30 | 0.2 | 0.18 | -0.02 | 10 | ||
2006-08-03 | 2006-06-30 | 0.2 | 0.22 | 0.02 | 10 | ||
2006-05-22 | 2006-03-31 | 0.14 | 0.2 | 0.06 | 42 | ||
2006-02-09 | 2005-12-31 | 0.55 | 0.49 | -0.06 | 10 | ||
2005-11-08 | 2005-09-30 | 0.16 | 0.26 | 0.1 | 62 | ||
2005-08-04 | 2005-06-30 | 0.1 | 0.15 | 0.05 | 50 | ||
2005-05-10 | 2005-03-31 | 0.03 | -0.01 | -0.04 | 133 | ||
2005-02-09 | 2004-12-31 | 0.39 | 0.42 | 0.03 | 7 | ||
2004-11-02 | 2004-09-30 | 0.12 | 0.13 | 0.01 | 8 | ||
2004-07-26 | 2004-06-30 | 0.12 | 0.14 | 0.02 | 16 | ||
2004-05-12 | 2004-03-31 | 0.1 | 0.21 | 0.11 | 110 | ||
2004-02-02 | 2003-12-31 | 0.27 | 0.29 | 0.02 | 7 | ||
2003-10-30 | 2003-09-30 | -0.03 | -0.04 | -0.01 | 33 | ||
2003-07-24 | 2003-06-30 | -0.03 | -0.02 | 0.01 | 33 | ||
2003-05-13 | 2003-03-31 | -0.09 | -0.07 | 0.02 | 22 | ||
2003-02-03 | 2002-12-31 | 0.08 | 0.07 | -0.01 | 12 | ||
2002-07-25 | 2002-06-30 | -0.05 | 0.03 | 0.08 | 160 | ||
2002-05-07 | 2002-03-31 | 0.02 | 0.04 | 0.02 | 100 | ||
2001-10-25 | 2001-09-30 | -0.12 | -0.17 | -0.05 | 41 | ||
2001-07-23 | 2001-06-30 | 0.01 | 0.06 | 0.05 | 500 | ||
2001-05-08 | 2001-03-31 | 0.3 | 0.28 | -0.02 | 6 | ||
2001-01-30 | 2000-12-31 | 0.39 | 0.4 | 0.01 | 2 | ||
2000-10-26 | 2000-09-30 | 0.34 | 0.36 | 0.02 | 5 | ||
2000-07-20 | 2000-06-30 | 0.33 | 0.32 | -0.01 | 3 | ||
2000-05-09 | 2000-03-31 | 0.35 | 0.35 | 0.0 | 0 | ||
2000-01-20 | 1999-12-31 | 0.34 | 0.34 | 0.0 | 0 | ||
1999-10-21 | 1999-09-30 | 0.28 | 0.29 | 0.01 | 3 | ||
1999-07-26 | 1999-06-30 | 0.27 | 0.26 | -0.01 | 3 | ||
1999-05-06 | 1999-03-31 | 0.31 | 0.36 | 0.05 | 16 | ||
1999-01-21 | 1998-12-31 | 0.3 | 0.3 | 0.0 | 0 | ||
1998-10-22 | 1998-09-30 | 0.22 | 0.22 | 0.0 | 0 | ||
1998-07-22 | 1998-06-30 | 0.2 | 0.21 | 0.01 | 5 | ||
1998-05-07 | 1998-03-31 | 0.27 | 0.27 | 0.0 | 0 | ||
1998-01-22 | 1997-12-31 | 0.31 | 0.31 | 0.0 | 0 | ||
1997-10-23 | 1997-09-30 | 0.28 | 0.28 | 0.0 | 0 | ||
1997-07-23 | 1997-06-30 | 0.29 | 0.28 | -0.01 | 3 | ||
1997-05-01 | 1997-03-31 | 0.32 | 0.29 | -0.03 | 9 | ||
1997-01-14 | 1996-12-31 | 0.25 | 0.24 | -0.01 | 4 | ||
1996-10-17 | 1996-09-30 | 0.22 | 0.2 | -0.02 | 9 | ||
1996-07-16 | 1996-06-30 | 0.33 | 0.27 | -0.06 | 18 | ||
1996-05-02 | 1996-03-31 | 0.28 | 0.33 | 0.05 | 17 | ||
1996-01-17 | 1995-12-31 | 0.25 | 0.23 | -0.02 | 8 | ||
1995-10-12 | 1995-09-30 | 0.3 | 0.29 | -0.01 | 3 | ||
1995-07-13 | 1995-06-30 | 0.28 | 0.29 | 0.01 | 3 |
Agilysys Corporate Management
Jessica Hennessy | Senior Relations | Profile | |
Ben Curtis | Managing EMEA | Profile | |
Frank Pitsikalis | Senior Strategy | Profile | |
Chris Robertson | Other - Corporate Controller and Treasurer | Profile | |
Sethuram Shivashankar | Senior Officer | Profile |
Already Invested in Agilysys?
The danger of trading Agilysys is mainly related to its market volatility and Company specific events. As an investor, you must understand the concept of risk-adjusted return before you start trading. The most common way to measure the risk of Agilysys is by using the Sharpe ratio. The ratio expresses how much excess return you acquire for the extra volatility you endure for holding a more risker asset than Agilysys. The Sharpe ratio is calculated by using standard deviation and excess return to determine reward per unit of risk. To understand how volatile Agilysys is, you must compare it to a benchmark. Traditionally, the risk-free rate of return is the rate of return on the shortest-dated U.S. Treasury, such as a 3-year bond.
Additional Tools for Agilysys Stock Analysis
When running Agilysys' price analysis, check to measure Agilysys' market volatility, profitability, liquidity, solvency, efficiency, growth potential, financial leverage, and other vital indicators. We have many different tools that can be utilized to determine how healthy Agilysys is operating at the current time. Most of Agilysys' value examination focuses on studying past and present price action to predict the probability of Agilysys' future price movements. You can analyze the entity against its peers and the financial market as a whole to determine factors that move Agilysys' price. Additionally, you may evaluate how the addition of Agilysys to your portfolios can decrease your overall portfolio volatility.